- The Market Traders Association of Nigeria (MATAN) is partnering with the Federal Inland Revenue Service (FIRS) on a VAT collection initiative called VAT DIRECT INITIATIVE (VDI).
- The initiative aims to simplify VAT payment and remittance processes for market traders and the informal sector through a digital platform.
- MATAN members will receive an ID card containing their Tax Identification Number to track VAT accrued from their business activities.
- The implementation of the VAT Direct Initiative is expected to increase VAT revenue generation for all tiers of government.
- The initiative will combat multiple taxations in the marketplace and work with security agencies to address the activities of touts and self-imposed tax collectors.
- The collaboration between FIRS and MATAN signals good intentions for a progressive Nigeria.
- The move is timely as a survey indicates that the informal sector pays VAT but has no record with the appropriate government functionaries.
- MATAN will provide digital ID and VAT trackers to ensure seamless payment of VAT.
- The initiative aims to remedy the issue of VAT funds going into the wrong hands instead of the Federal Government coffers.
Source: sunrise.ng
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
